You might be surprised to learn that some people hire lawyers to deal with a loan modification. You might not think this is necessary, but there are certain situations in which having a lawyer can give you a significant advantage.
Your Lender Is Hard to Work With
If your mortgage lender is being difficult to work with, it might be time to bring in a lawyer. A lawyer can help you negotiate with your lender and try to get them to agree to a loan modification.
This is especially helpful if you're having trouble communicating with your lender or if they're not responding to your requests. If you feel like the lender is unwilling to work with you, getting a lawyer involved can move things along.
You Have a Complex Situation
If you have a lot of assets or a complex financial situation, you might need a lawyer to help you with your loan modification. For example, if you own multiple properties or have a high income, you might need someone to help you understand the process and make sure everything is done correctly.
You Don't Understand Your Loan Terms
Even if your financial situation is simple, you might not understand all the terms of your loan agreement. A lawyer can help you understand the terms of your loan and make sure you're aware of all your options.
You may also not be familiar with loan modification options. For instance, you might not know that you can get a hardship forbearance if you're going through a tough time.
You're Being Threatened With Foreclosure
If you're in danger of foreclosure, it's important to act quickly. A lawyer can help you understand your rights and options and work with your lender to try to avoid foreclosure.
You Might Need to Go to Court
If you and your lender can't reach an agreement, you might have to go to court. In this case, you'll definitely need a lawyer. When you go to court, you'll be up against lawyers for your lender. They can be tough to deal with, so it's important that you have your own legal representation.
Not Sure? Contact a Loan Modification Lawyer
If you're not sure whether you need a lawyer, the best thing to do is contact one for a consultation. A loan modification lawyer can review your situation and let you know whether hiring a professional is in your best interest.
For more information on a loan modification, contact a professional near you.
